The Preliminary Results of Written Procedure

The written procedure in accordance with the terms of OPR-Finance Oy’s (the “Company”) 2017 capital securities (ISIN: FI4000292180), initiated by the Company on February 1, 2021, has ended on February 22, 2021.

According to the initial count of the votes, 67.35 percent of the amount of the capital securities took part in the written procedure. The proposal of the Company's board of directors was supported by 96.89 percent of the votes cast.

The Company will announce the final result of the vote in the coming days.


Capital securities written procedure starts

With reference to company's release on January 21, 2021 the board of directors of OPR-Finance Oy has decided to initiate a written procedure in accordance with the terms of its 2017 capital securities (ISIN: FI4000292180) in order to postpone the date on which the increased interest rate will start accruing (First Reset Date) by 24 months. Investors representing more than 40 percent of the total principal of the capital securities have expressed initial support for the plan.

The company will provide the holders of the capital securities with the information on the commencement of the written procedure and a proposal for amendments of the terms and conditions with detailed reasonings in accordance with the terms and conditions.

The written procedure will start on February 1, 2021 and will end on February 22, 2021.


Capital securities written procedure initiation

OPR-Finance Oy plans to initiate a written procedure in accordance with the terms of its 2017 capital securities (ISIN: FI4000292180) in order to postpone the date on which the increased interest rate will start accruing (First Reset Date) by 24 months. Investors representing more than 40 percent of the total principal of the capital securities have expressed initial support for the plan.

The company justifies its plan with the need to strengthen its cash flow from financing at the turning point of the company’s business, where the decline of the company's loan portfolio granted prior to the Finnish and Swedish interest rate cap legislation is progressing, while the portfolio for the company's new loan products is growing. With the new business and the strengthening balance sheet, the company's prospects on refinancing the capital securities are expected to improve over the time.

The company's board of directors will make a decision on initiating the written procedure in the next few days, and the procedure itself is expected to begin at a later date at the turn of January-February.


New board member

General meeting of OPR-Finance appointed Vice Judge Esa Alanko (LL.M. and M.Sci) as a new member of Board of Directors. Richard Rosenius continues as a Chairman and Jari Ruuska as a Member of Board.


Annual Report Q4 2019

OPR-Finance Group Annual Report Q4 2019 can be read from the link below.

OPR-Finance Annual Report Q4 2019

More reports can be found here.


OPR to significant partnership with Svea

Svea Ekonomi AB enters significant partnership with OPR-Finance Oy

OPR-Finance Oy significantly strengthens its cooperation with Svea Group. Co-founding owner of OPR-Finance Oy Jari Ruuska has acquired 50 % of the company’s voting right A-series shares with financing provided by Svea. Consequently, Mr. Ruuska now owns the A-series share class entirely.

In connection with the arrangement, Svea has become OPR’s main financer. Svea will have a possibility to participate in development and decision making of OPR through board seats.

“To my pleasure, years of co-operation with Svea has reached a new phase. As a significant and well-known operator in the financial industry, Svea’s financing will enable us to focus on the development of our core business. In addition, closer co-operation with Svea brings us more experience and diversity,” tells OPR’s CEO Jouni Selin.

”OPR has always been a well-managed and efficient company, with whom our way of operating is very similar. Our long-lasting co-operation with OPR has been fluent and we are excited to be able to participate in developing the company in different markets.” comments Svea’s CEO Lennart Ågren.

Due to the size of the parties’ operations, the arrangement between Svea and OPR contains details that requires the approval of the Swedish Competition Authority before they enter into force. The parties are expecting the handling of the matter to be completed in near future with a favourable decision by the Competition Authority. However, the arrangement is not conditional to the approval of the Competition Authority.

 

OPR-Finance Oy is a Finnish owned financing group founded in 2005. It offers diverse credit services to consumers and businesses. The company operates in five EU countries. Balance sheet total of OPR-Finance Group in 2018 was EUR 241 million.

Svea Ekonomi AB is a Swedish financing group founded in 1981. It serves companies and private individuals in over ten European countries. Balance sheet total of Svea Group in 2018 was SEK 20 billion.


Interim Report Q3 2019

OPR-Finance Group Interim Report Q3 2019 can be read from the link below.

OPR-Finance Interim Report Q3 2019

More reports can be found here.


Interim Report Q2 2019

OPR-Finance Group Interim Report Q2 2019 can be read from the link below.

OPR-Finance Interim Report Q2 2019

More reports can be found here.


Petteri Kleemola will move to the Board of Directors as a member

OPR-Finance Oy’s Chief Executive Officer Petteri Kleemola will move from his current position to the Board of Directors as a member since June 30, 2019.

“I want to thank Petteri for the long-term work for building the company during the last six years. I am pleased that we can continue our cooperation from the board also in the future”, comments the Chairman of the Board of OPR-Finance Richard Rosenius.

Jouni Selin (Head of IT, Legal, Compliance and Administration) will operate as an Acting CEO.


Interim Report Q1 2019

OPR-Finance Group Interim Report Q1 2019 can be read from the link below.

OPR-Finance Interim Report Q1 2019

More reports can be found here.